16 October 2008
Hi Friends How a HUF is formed? Whether it requires compulsory ancestral property only? Or by taking Gift Whether HUF can be formed otherwise than by above two cases suppose if Assessee has only 2 children’s one boy & girl what be the procedure?
16 October 2008
when a prson get merried than theoritically HUF is formed. but practically for income tax purpose or tax planning purpose following procedure to be followed:
1. a Gift given to HUF by karta (generally) by gift deed by cheque 2. open a bank account & deposits cheque in to the a/c 3. apply for PAN card. now ur huf is formed for income tax oporpuse.
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